NEW YORK (CNN/Money) - Bond prices were mixed Wednesday, with short term debt rising as investors snapped up deals following an auction of 5-year notes that generated little demand.

The dollar was also mixed after a surprise rally the prior session.

The benchmark 10-year note fell 2/32 to 97-1/32, raising its yield to 4.37 percent from 4.36 late Tuesday.

The 30-year bond lost 13/32 of a point to 110-7/32 to yield 4.69 percent versus 4.66 percent Tuesday. Bond prices and yields move in opposite directions.

But shorter-dated debt gained, with the five-year note adding 2/32 of a point to 99-29/32 to yield 4.02 percent, while the two-year edged up 2/32 at 100-6/32 to yield 3.66 percent.

Bonds were down across the board following the midday auction, but analysts said the availability of good deals, combined with a sell off in stocks and a disappointing retail sales report, drove investors into short-dated paper.

"When there is a weak auction, it sometimes means investors will step aside and wait for deals in the secondary market," said Tony Crescenzi, chief bond market strategist at Miller Tabak and Co.

Treasuries rose early Wednesday morning following a retail sales report that missed Wall Street estimates.

Retail sales rose 0.3 percent in March, the Commerce Department said Wednesday, but fell short of expectations after a sharp downturn in department store and clothing sales. Economists surveyed by Briefing.com had forecast a 0.8 percent gain, up from a 0.5 percent hike in February.

Excluding autos, which can swing sharply from month to month, retail sales advanced just 0.1 percent -- the weakest reading since April 2004 -- compared with forecasts for a 0.5 percent gain.

The weak report is a sign of less inflationary pressure, and inflation erodes the value of fixed-income investments like bonds.

In currency trading, the dollar gained against the euro but drifted lower against the yen after Tuesday's rally.

The euro bought $1.2910, down slightly from $1.2921 late Tuesday, while the dollar bought ¥107.41, down from ¥107.69 late Tuesday.

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